S.L. 371.19 Art. 4Administrative penalties and other administrative measures. Cap. 370. Cap. 371. Cap. 370.

(1) Without prejudice to article 16A of the Investment

Services Act, to any regulations made under article 6(2) of the

Investment Services Act and to article 35A of the Banking Act and to the supervisory powers of the competent authority referred in regulation 3, the competent authority shall impose administrative penalties and other administrative measures in respect of breaches of:

(a) the provisions of the Investment Services Act and, or of regulations and, or Investment Services Rules and Conduct of Business Rules issued by the competent authority transposing the provisions of MiFID;

(b) the provisions of MiFIR.

(2) The administrative penalties and other measures taken pursuant to sub-regulation (1) shall be effective, proportionate and dissuasive.